Common use of Insurance Deduction Clause in Contracts

Insurance Deduction. Effective July 1, 1990, premiums deducted from the employee's check to pay for health insurance coverage are automatically taken on a before-tax basis, unless the employee has indicated to the contrary in writing to the Employee Benefits Office, subject to Minnesota Law. If the employee is covering a non-tax dependent that portion of the benefit is taxable (due to 2007 Minnesota Law that allowing unmarried children up to the age of 25 to be covered) The premiums paid by the employee, if any, are not subject to federal, state, and Social Security and Medicare taxes. Reports of earnings to MERF and PERA and pension deductions will be based on gross earnings. The before-tax deductions are subject to the requirements of Section 125 of the Internal Revenue Code as amended from time to time.

Insurance Deduction. Effective July 1, 1990, premiums deducted from the employee's check to pay for health insurance coverage are automatically taken on a before-tax basis, unless the employee has indicated to the contrary in writing to the Employee Benefits Office, subject to Minnesota Law. If the employee is covering a non-tax dependent that portion of the benefit is taxable (due to 2007 Minnesota Law that allowing unmarried children up to the age of 25 to be covered) The premiums paid by the employee, if any, are not subject to federal, state, and Social Security and Medicare taxes. Reports of earnings to MERF and PERA XXXX and pension deductions will be based on gross earnings. The before-tax deductions are subject to the requirements of Section 125 of the Internal Revenue Code as amended from time to time.